Loudoun County's housing inventory/supply is still going down. The number of active properties for sale as of 12:30pm today is 1252. This is less than half the number of homes for sale in 2007 and about a third less than the latter part of 2008. We haven't this few homes for sale in Loudoun County since the boom market in the first half of this decade.
What does this mean?
- Buyers have less homes to choose from
- Multiple offers are increasingly common (not just my observation and experience, but that of other agents in Loudoun and NoVA I've spoken with)
- Prices are holding steady
- Less competition for sellers with their home on the market
- Great time for sellers to sell their property if they're in the position to do so
The interesting thing is that the "spring market", which means more housing inventory on the market, typically starts in the middle of February or beginning of March. Here we are April 10 and the inventory is less than it was in January, February or March meaning that the "spring market" has yet to materialize (if it will at all).
Note: I do not include new construction listings in the MLS because they are extremely inaccurate. But, when looking at those, they plummeted as well so it just confirms that overall inventory in Loudoun is way down.
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